Cardone Bids $230 million for Bankrupt Boca Raton Apartment Complex

Key Points

• $230M Bid: Grant Cardone's Cardone Capital offers $230 million for the 366-unit luxury complex, 101 Via Mizner, in Boca Raton.

• Bankruptcy Auction: The property is set for a bankruptcy auction on June 16, following the owner's Chapter 11 filing in January.

• Debt Coverage: The bid exceeds the $195 million mortgage held by Blackstone, potentially covering the outstanding debt.

Investor Grant Cardone has submitted a $230 million bid for 101 Via Mizner, a luxury apartment complex in Boca Raton currently undergoing bankruptcy proceedings. The property's owner, Via Mizner Owner I LLC, filed for Chapter 11 bankruptcy in January to halt a foreclosure auction initiated by Blackstone Mortgage Trust over a $195 million loan. The upcoming auction on June 16 will determine the property's future ownership.

The Property: 101 Via Mizner

• Location: 101 E. Camino Real, Boca Raton, FL

• Units: 366 luxury apartments

• Amenities: Fitness center, resort-style pool, private terraces, and more

• Valuation: Recently appraised at $272.5 million by the debtor

The complex is part of a larger development that includes the under-construction Mandarin Oriental hotel and residences, which have faced delays and legal challenges.

Financial Background

• Owner: Via Mizner Owner I LLC, an affiliate of Penn-Florida Companies

• Debt: $195 million mortgage held by Blackstone Mortgage Trust

• Bankruptcy Filing: Chapter 11 filed in January to prevent foreclosure

• Auction Date: Scheduled for June 16

The bankruptcy filing aimed to provide the owner with time to restructure debt and seek refinancing options.

Cardone's Bid Details

• Bid Amount: $230 million in cash

• Stalking Horse: Cardone's firm designated as the stalking horse bidder, setting the minimum bid for the auction

• Deposit: $20 million, to be credited against the purchase price

• Termination Fee: $2 million if another bidder prevails

• Expense Reimbursement: $100,000 if outbid

Cardone plans to raise funds through his investment platform, offering investors the opportunity to participate in both the real estate acquisition and a $100 million Bitcoin package.

Market Implications

This acquisition aligns with Cardone's strategy of investing in high-value multifamily properties in prime locations. The Boca Raton market remains attractive due to its strong rental demand and limited supply of luxury apartments. However, the broader South Florida multifamily sector faces challenges, including increased competition and rising operational costs.

What’s at Stake for Boca Raton

Grant Cardone’s $230 million stalking horse bid for 101 Via Mizner highlights not just continued investor appetite for South Florida’s luxury rental market, but also the rising profile of Boca Raton as a serious player in the tri-county real estate. Once known primarily as a sleepy enclave for retirees, Boca is now seeing a wave of high-end development, new office construction, and an influx of affluent residents from the Northeast and California. The pending auction of 101 Via Mizner—a trophy asset at the heart of the city’s luxury corridor—will be a watershed moment, not only for resolving outstanding debt but also for signaling the future trajectory of Boca’s urban core. With high-net-worth migration and demand for Class A product on the rise, all eyes will be on how this deal shapes investor confidence and valuation benchmarks moving forward.